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Hero Electric backer Gulf Islamic Investment to invest $500 million in India in next 3 years
Photo Credit: 123RF.com

UAE-based financial services firm Gulf Islamic Investment on Monday said that it will open its office in Bengaluru as it plans to invest another $500 million (Rs 3500 crore) in India in the next three years.

India represents a prime investment destination for Gulf Islamic Investment, said Mohammed Alhassan and Pankaj Gupta, founding partners and co-CEOs of Gulf Islamic Investments, in a statement.

"We look forward to expanding our footprint in India and strategically contributing towards enhancing the India-UAE investment corridor," they added.

Gulf Islamic Investment will collaborate with Indian or global investors in future Indian investments. It also seeks to partner with Indian startups and growth companies in their Middle East expansion plans.

Last year, Gulf Islamic Investment made its first investments by betting on a multispecialty hospital chain and in-vitro diagnostics firm. It did not disclose their names.

Earlier this year in July, in another India bet it led a Series B round of funding in Hero Electric Vehicles Pvt Ltd, which manufactures lithium-ion battery-powered two-wheelers.

The following month it co-led an investment in Soothe Healthcare Pvt. Ltd, the firm behind Paree brand of sanitary napkins.

Gulf Islamic Investment manages around $2 billion in assets across venture capital, private equity, and real estate, among others.

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